The Importance of Correctly Pricing Your Home to Sell

By: Brit McDonald

The Importance of Correctly Pricing Your Home to Sell

Tags: Toronto Real Estate, Sellers, Real Estate, Pricing

 

Does pricing only matter if the buyer can take a look at what the last house/property on the street sold for?

If they take a look at the average price in the community, is it really important that I price my property 10, 20, 50 thousand dollars over value?

I want to be able to price it so that I get the most amount of money and the buyer will come up and I’ll come down and we’ll meet in the middle.

These are all conversations that I have had with my clients before putting their homes on the market. Pricing is a very important part of selling your property and should be something that you discuss with your realtor before it goes to market.

So how do you determine the best price to list your property at and how do you know if it is priced well?

Depending on the market conditions, you may decide to underprice and hold back on offers, to get a bidding war. Or you might decide to price right where the property should land.

always say that if your property is priced well, you are going to have more than one offer or an offer within 24 hours of coming to market. You can really tell if you’ve priced your property correctly depending on the number of showings and offers you get in the first week.

  • Tons of showings and no offers, your property is overpriced probably by around 4%.
  • No showings and no offers you’re probably around that 10–12% overpriced.
  • A healthy amount of showings and some good offers, your pricing is pretty spot on!

Pricing the property is going to depend on what other properties are on the market, the condition your property is in and the marketing strategy that you and your agent have come up with.

At the end of the day, the price that you set your property at will be determined by how comfortable you are with the price.

If you are looking to sell, lets chat about what your home is worth and what you can sell it for! Give me a call, I’d be happy to help! 416–427–7900